Chevron net earnings surge to $12.1 billion in Q2

• Chevron reported second-quarter 2026 earnings of $12.1 billion, or $6.11 per diluted share.
• Worldwide production increased 20% year over year, while U.S. refinery utilization reached 97%.
• The company reduced debt by $8.4 billion and reported progress on Hess-related synergies.

Chevron (NYSE:CVX) reported second-quarter 2026 earnings of $12.1 billion, or $6.11 per diluted share, supported by higher production, commodity prices and refined product margins.

Adjusted earnings reached $12 billion, or $6.06 per diluted share, compared with lower results in the prior-year period as the company benefited from higher sales volumes and operational performance.

Chevron’s worldwide production increased 20% year over year, largely due to contributions from legacy Hess assets and growth in the Permian Basin and Gulf of America, while U.S. refinery crude unit throughput reached a record 1.07 million barrels per day.

The company reduced total debt by a record $8.4 billion during the quarter, declared a quarterly dividend of $1.78 per share.

Elsewhere, Chevron achieved $1.5 billion in annual run-rate Hess-related synergies ahead of schedule and reached $3 billion in structural cost reductions since 2024.

The company also signed a 20-year power agreement with Microsoft for a West Texas data center and continues investing across oil, gas, refining and energy infrastructure operations.